ArabFinance: The ordinary general meeting (OGM) of Orascom Development Egypt (ORHD) (ODE) has approved to authorize the company’s board of directors to sign contracts worth EGP 2.5 billion with Red Sea Construction and Development to implement construction works of projects in 2022, according to a statement filed to the Egyptian Exchange (EGX) on April 18th.

The OGM also agreed upon renewing and amending the signed construction contracts with Red Sea Construction and Development, as well as endorsed the netting contracts signed between the two companies in 2021.

It is worth noting that the company previously recorded a consolidated net profit attributable to the parent company of EGP 1.208 billion in 2021, up from EGP 532.18 million in 2020.

ODE’s standalone net profit after tax rose to EGP 717.65 million in 2021 from EGP 403.81 million in 2020.

ODE, the largest subsidiary of Orascom Development Holding (ODH), is an integrated developer of resort towns in Egypt, with a vertically integrated business model involving the development of residential units, hotels, and recreational facilities such as golf courses, town centers, and marinas.

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